Dubai stock market sees trading, profits slump in Q1

Dubai Financial Market Company posts net profit of $7.65m for the first quarter of 2019, a 43% decrease
Dubai stock market sees trading, profits slump in Q1
The DFM General Index has extended its gains to 11 percent year-to-date.
By Sam Bridge
Mon 29 Apr 2019 01:58 PM

Dubai Financial Market (DFM) Company has announced a net profit of AED28.1 million ($7.65 million) for the first quarter of 2019, a 43 percent decrease compared to the year-earlier period.

The company’s total revenue also decreased by 21 percent to AED77.9 million in Q1 while operating expenses reached AED49.8 million compared to AED50.2 million during the same period of 2018.

The total value of DFM’s trading decreased 41.4 percent during the first quarter of 2019 to AED11.9 billion ($3.2 billion), a statement said.

Essa Kazim, chairman of the DFM Company said: "The DFM’s performance has relatively improved compared to the end of 2018 levels. The General Index rose 4.15 percent and the market capitalisation has increased 2 percent, gaining AED7 billion to AED350 billion at the end of March. Additionally, foreign investors have registered net purchases of AED680 million, while institutional investors registered net purchases of AED500 million."

He added that the DFM has attracted 654 new investors during the first quarter, including 64 institutions, lifting total number of DFM’s investor base to 843,778 investors.

The DFM General Index has extended its gains to 11 percent year-to-date, he said.

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